guy: "Yeah, can you save me? And if so what do I have to give you?"
Squirrel Master: "Nah man, I got your back. Just watch out in the shower"
2) To have a great opportunity to knock some boots with a member of the opposite sex and someone swoops in and takes your prize with no notice and no time to react.
Definition based off the situation in "Half Baked" between Kenny, Nasty Nate and the Squirrel Master where the "squirrel master" saves kenny from Nasty Nate taking his cocktail fruit.